Oil Is Not Well

"Leningrad gets DAMNED cold in the winter, so bring it on, lay the price siege, and lets see who can outlast whom." For details see more below.

Lot's of news this week, especially in the oil patch. Kuwait tells us there is "no floor for oil prices." I smell a rat. Let's jump right in.

Global Recession

I noted with interest that the economists at the International Monetary Fund have finally noticed that we are in a global recession. "There is no real precedent for this situation, which makes forecasting based on previous experience look something like trying to read the tea leaves," said Horst Koehler, the IMF managing director.

He predicted a recovery for the second half of next year, but added, "We can't exclude the possibility…